Which Health Insurance Has the Best Claim Settlement Ratio?

Health Insurance Plans with Best Claim Ratios

A comprehensive health insurance plan can help you avoid the stress of unexpected medical bills by providing financial protection for you and your family. However, with so many health insurers available in the market, it is necessary to understand some fundamentals so that you can make a well-informed decision. 

One of the important aspects, of checking the claim settlement ratio or CSR of a medical insurance company should never be overlooked while choosing medical insurance in India.

Health Insurance Company Showing the Best Claim Settlement Ratio

When comparing claim settlement ratios of various health insurance companies, a percentage of 85% or above is typically considered to be favourable. In this regard, one can trust Star Health Claim Ratio, which accounts for 99.06% of successful claim settlements during the year 2022-23, ensuring quick and reliable claims processing

You can access cashless treatment at over 14,000+ network hospitals across India, ensuring convenience during medical emergencies. 

You can also choose from a variety of health insurance plans tailored to diverse needs, covering:

• Hospitalisation expenses
• Critical illnesses
• Maternity expenses
• Medical check-ups
• Ambulance charges

Some of the popular plans of Star Health are:

• Star Comprehensive Insurance Plan 
• Star Cardiac Care Insurance Plan
• Star Family Floater Plan 
• Star Senior Citizens Red Carpet Plan

Importance of Claim Settlement Ratio in Medical Insurance Space

Below, you can refer to some pointers that indicate why it is important to verify the claim settlement ratio or CSR of a health insurance provider before choosing them as your partner:

• CSR is the direct measure indicating an insurer’s potential to settle claims for medical reimbursements.
• While comparing multiple similar policies from different insurance companies, it appears as a key metric.
• Moreover, CSR gives an idea about the consistency of your preferred insurance company.

Overall, the claim settlement ratio is an excellent method to assess a health insurance provider’s reliability. 

Where to Check the Claim Settlement Ratio of a Medical Insurance Company?

You can check both the claim settlement ratio (CSR) and incurred claim ratio (ICR) of any registered health insurance provider by visiting the official website of the Insurance Regulatory and Development Authority of India (IRDAI). 

Every year a fresh report is published which individuals can review before they proceed to buy or renew a medical coverage policy for themselves and their families. 

Also Read:

→ Converting Corporate Health Insurance to Individual

→ Corporate Floater Health Insurance Explained

→ Do You Need to Notify Health Insurance When Someone Dies

→ Guide to Claiming Health Insurance for Hospital Visits

→ Health Insurance Card Renewal Process